QUESTION1: What are innovation and their characteristics? Why to be innovative and how an organization could be innovative?

ANSWER: Innovation is a breakthrough approach or idea that can be completely new or an enhancement to something that already exists; it is a refreshing perspective that will challenge many who just cannot see beyond what their own experience is telling them to think or do. Also Innovation is something new that adds value; creativity is something new. Characteristics: True Innovation begins at intersection of invention and insight Fusion of new developments and new approaches to solve real problems Significant value created for society or business: Creates new industries Spurs productivity and economic growth Fuels wealth creation and profits Generates high-value, higher-paying jobs Raises standard of living

Why to be innovative? In todays world, to be a leader in industry you have to be innovative. Companies must be able to look forward at the strategy and know how to bring products to market faster than their competitors. Innovation is the key. Its not just for the technology; its for the business strategies as well.

How an organization could be innovative? Create a Strategic Vision Establish Innovation as a Priority Create Organizational Structures that Promote Collaboration Establish Processes to Convert Ideas to Innovations Allocate Resources Train Workforce on Creativity Tools Measure & Communicate Results Recognize Creative Behavior Reward Innovative Results

Traits of an Innovation Leader: o Create an external focus - define success in market terms o Be a clear thinker - simplify strategy into specific actions, make decisions and communicate priorities o Have imagination and courage - take risks on people and ideas o Energize teams through inclusiveness - connect with people, build both loyalty and commitment o Develop expertise in a function or domain - Use depth as a source of confidence to drive change.

QUESTION2:
What do Innovators do? Types of Innovation and expand the Innovation horizon?

ANSWER:
What innovator does? Connect unconnected. Dream,Dream,Dream See beyond what is visible Expect the unexpected Enjoy contradictions, shun consistency Remember: Experiments never fail, mind does

Types of Innovation:
There are three types of Innovation: 1. Products and servicesInnovation applied to products or services or market related activities

2. OperationalInnovation that improves the effectiveness and efficiency of core processes and functions

3. Business modelInnovation that fundamentally transforms the way a business works or drives revenue.

Expanding Innovation horizon:

To create something of value, the imagination must soar, unfettered, it must fly like a bird in search of new horizons. Deep business model innovation is criticalProduct, service and operational innovations remain important, but competitive pressures have pushed business model innovation much higher on the CEOs innovation agenda. Companies that can substantially change how they add value to their own or other industries differentiate themselves and gain a competitive edge. External collaboration is indispensablCEOs stressed the overwhelming importance of collaborative innovation, not just internally across traditional silos but also externally beyond company walls. Business partners and customers were cited as top external sources for innovative ideas